The July 2016 house price index data for the UK
showed a monthly rise of 0.4 per cent, while in England the increase was
slightly higher at 0.5 per cent. In London the monthly change was 1.0 per cent
but of the English regions it was the North East region that experienced the
highest monthly growth with a rise of 2.3 per cent. Falls were seen in
Yorkshire and The Humber, the South West and the West Midlands, the latter
seeing the greatest fall at minus 0.8 per cent.
On an annual basis the price change across the UK
was 8.3 per cent, bringing the average house price to £216,750. In England the
annual price increase was a little higher at 9.1 per cent and the average house
price £232,885. London experienced a rise of 12.3 per cent making the price of
an average London home £484,716. However, the East of England again saw the
greatest increase over the year with a rise of 13.2 per cent, while Yorkshire
and The Humber saw the lowest annual price growth at 4.7 per cent. Annual price
increases by property type across the UK showed little difference, ranging from
8.1 per cent for both terraced houses and flats and maisonettes to 8.5 per cent
for both detached and semi-detached houses.
Detailed statistics for local authority areas continue
to show a wide variation but only five areas saw a fall in prices over the
year, including the London boroughs of Camden at minus 0.6 per cent,
Hammersmith and Fulham at minus 1.6 per cent, and Kensington and Chelsea at
minus 3.0 per cent. The highest annual rise was seen in South Bucks at 22.7
percent, while Stevenage, Haringey, Hertsmere and Newham also saw increases
above 20 per cent.
Completed sales for England in May 2016 totalled
49,795, a fall of minus 33.5 per cent compared to a year ago when 74,897
completed house sales were made.
Statistics relating to building status showed that
the average price of a new build property in England in July was £295,039, down
minus 2.2 per cent on June but up 16.4 per cent on a year ago. The average
price of a resold property was £228,779, a rise of 0.7 per cent over June and
8.5 per cent higher than 12 months ago.
Statistics on buyer status in England showed that
the average price of a house sold to a first time buyer was £195,484 and to a
former owner occupier £264,184. Prices to first time buyers increased by 0.3
per cent over June, while re-purchasers saw an increase of 0.6 per cent. Over
the year, prices for first time buyers increased by 8.9 per cent and for former
owner occupiers by 9.2 per cent.
The latest figures on funding status, which
compare average cash and mortgage prices, show that in England the average cash
price was £218,331 and the average mortgage price was £240,233. The monthly
increase in prices for cash buyers was 0.3 per cent, while mortgage purchase
prices rose by 0.5 per cent. However, the annual change for cash purchases was
8.3 per cent, while for mortgage purchases it was somewhat higher at 9.4 per